Did you know that people in America move about six times over their lives, or on average, once every five years? Americans are known for being some of the most active in the world in terms of relocation.
Deciding to move to a new place is a big step that means growth, change, and a fresh start. People move for many different and deeply personal reasons, and the relocation process is often associated with a crazy mix of feelings and logistics.
A lot of people, especially tenants, move to a new city because of their job, family, personal preferences, or even financial situations. As you can see, it's not always because of a lousy renting experience but sometimes more of a personal choice.
Indianapolis, or Indy, is one of the most well-known cities. Its reasonable cost of living makes it a popular destination for tenants during the relocation process. It is the 14th biggest city in America and is located in the middle of the Midwest. As the capital and largest city in Indiana, Indy has a lot to offer. It is also close to several major cities in America.
Attracting both visitors and locals, Indianapolis is a center for innovation and creativity. There was a large net in-migration of around 22,500 people to the city in 2023. This equates to 2.6% of Indianapolis's residential mobility from a different state last year.
Before you invest in Hoosier City, it's a good idea to understand why people move here. The following is a list of the most popular reasons tenants choose to move to Indianapolis:
Reasonable Living Expenses
Indianapolis is a desirable option because its cost of living is far lower than the national average in other major cities. In addition to having a cheaper sales tax rate and moving costs than neighboring cities, it is also the home of several budget-friendly grocery store brands.
Good Weather All Year Round
Another reason tenants move to Indianapolis is its great weather. Indianapolis offers four different seasons, perfect for those who appreciate sunny summers, colorful leaves, and snowy Christmases.
The peak summer temperatures are in the 80s and 90s. Meanwhile, the snowfall in Indy is relatively low, even though winter can be long and cold. Compared to other cities with long winters, Indianapolis receives a very small amount of snow—about twenty inches each year.
A Site for Fantastic Festivals
Some tenants love to move to Indianapolis because of the entertainment venues and fabulous festivals the city offers. It hosts the Indiana State Fair during the summer, a three-week spectacle with exciting amusement rides, live music, and sideshow games. This is an incredible marketing idea that you can include in your listings.
Great Investments in Public Transportation System
Indianapolis understands the importance of good transportation to residents' well-being and economic mobility. So, the city government expanded bus schedules, built three fast transit lines, and boosted public transportation funding by 70%. There are also many bike roads and tracks all over Indianapolis, making it easy to get around on two wheels.
Access to Green Spaces
Another reason why people move to Indianapolis is because of its greeneries. It's easy to find expansive green areas in Indianapolis, even though it's a big city. The city has many parks, such as Eagle Creek Park, one of the country's biggest city parks. There are also nature reserves and hiking trails, so your tenants can have ample opportunities to enjoy the outdoors.
Wonderful Area for Families
There is always a lovely neighborhood in Indianapolis for you, whether you want to live in the middle of downtown or in a busy, close-in area where you can walk to great dining options and music. Although Indianapolis is a big city, it still has a "big, small-town" feel many people like.
The city's friendly people and Midwestern charm influenced the deciding factor of new tenants to move to Indianapolis and made them feel at home. This sense of community is apparent in the many neighborhood groups and events that bring people together all year long.
Great Learning Opportunities
Many tenants also move to Indianapolis because of its well-known schools and universities. These learning opportunities improve people's lives and add to the city's intellectual and cultural environment. Some of the learning hubs and institutions available in the city are:
Butler University
Indianapolis Public Library
Indiana University-Purdue University Indianapolis (IUPUI)
University of Indianapolis
Excellent Healthcare System
There are a lot of healthcare businesses in Indianapolis, so you can be sure that you can always get the care you need here. Some are even known as the best hospitals in the country for treating adults and children. Here is a list of the best institutions you can find when you move to Indianapolis:
Community Health Network
IU Health University Hospital
Riley Hospital for Children
Superb Sports Culture and Recreational Spaces
Active people and sports lovers are finding homes for rent in Indianapolis because of its rich sports culture. The city is home to several major sports teams and hosts many major sports events throughout the year, such as the Indianapolis 500 and the NCAA Men's Basketball Final Four.
Apart from this, many tenants move to Indianapolis because of its rich history reflected in its various recreational spaces that it offers, which include:
Broad Ripple neighborhood
Children’s Museum of Indianapolis
Fountain Square
Indianapolis Motor Speedway Museum
Indiana State Museum
Indianapolis Zoo
Monument Circle
Booming Job Market and Low Unemployment Rate
The job market in Indianapolis is growing, and there are openings in many fields, such as production, healthcare, and technology. According to a recent study by Indiana University, the economy will add 2.9% more jobs every year from 2021 to 2024. This number means Indianapolis is a great place to find work or start a business.
Flourishing Art and Cultural Hubs
There are a lot of museums, art galleries, and places for live performances in Indianapolis that cater to a wide range of hobbies. Regular art shows, plays, and events in the city's creative spirit allow your tenants to learn about art, history, and music.
Closely Linked to Other Major Cities
One major reason tenants move to Indianapolis is its accessibility to other big cities, such as Cincinnati, Louisville, and Chicago. The city is also known as the Crossroads of America because of the many national and state highways connected to it. Indianapolis also has an international airport that offers direct flights to all major national cities.
Increasing Number of Young Professionals
Indianapolis is a great place to make your next investment because of the rising number of young professionals who want to move there. The city's accessibility, movability, and lively nightlife contribute to its popularity among young professionals who are not only looking for adventure but also a great job opportunity in a small-town vibe.
A Certified Real Estate Investment Partner You Can Trust!
Starting your investment in Indianapolis has never been easier with the help of a certified investment advisor like PMI Midwest Property Management.
We offer a free 30-minute investment consultation and property analysis to help you begin your investment journey in Indianapolis and its adjacent cities. Our proven 3-step investment strategy will help you achieve success in your rental property. We also provide additional services for property management, which would be beneficial once you kick off your rental property business.
Schedule a consultation with us now and discover the lucrative world of Indianapolis real estate investment!
